PERMIAN BASIN ROYALTY TRUST ANNOUNCES MARCH CASH DISTRIBUTION, EXCESS COST POSITION ON WADDELL RANCH PROPERTIES AND UNITHOLDER MAILING BY SOFTVEST

Rhea-AI Summary

Permian Basin Royalty Trust (NYSE: PBT) declared a $0.010662 per unit cash distribution payable April 14, 2026, to holders of record March 31, 2026. Total distribution equals $496,950 to 46,608,796 units.

The distribution excludes proceeds from Waddell Ranch due to a continuing excess cost position; Texas Royalty Properties contributed $744,660 of net proceeds for February.

Positive

• Distribution of $0.010662 per unit payable April 14, 2026
• Texas royalties net contribution of $744,660 for February

Negative

• Waddell Ranch remains in an excess cost position; no proceeds included for February
• G&A expenses of $247,710 reduced distributable cash

News Market Reaction – PBT

-0.96%

-0.96% Session close to close

In the Mar 20 session, PBT declined 0.96%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details a lower March cash distribution of $0.010662 per unit, fully funded by Tex...

Analysis

This announcement details a lower March cash distribution of $0.010662 per unit, fully funded by Texas Royalty Properties while Waddell Ranch remains in an excess-cost position. Volumes and realized prices on oil at $56.56 per barrel and gas at $6.02 per Mcf drove a net contribution of $744,660 before $247,710 of expenses. The update also reiterates SoftVest’s May 8, 2026 bench trial seeking to ease amendment thresholds in the Trust Indenture.

Key Figures

March distribution per unit: $0.010662 per unit Total distribution: $496,950 Units outstanding: 46,608,796 units +5 more

8 metrics

March distribution per unit $0.010662 per unit Declared for March 2026, payable April 14, 2026

Total distribution $496,950 Cash distribution for March 2026

Units outstanding 46,608,796 units Units of beneficial interest receiving March distribution

Texas Royalties revenue $907,884 Revenues from Texas Royalty Properties for February

Texas Royalties net profit $783,853 Net profit after $124,031 taxes and expenses for February

Texas Royalties net contribution $744,660 95% NPI share contributing to March distribution

G&A expenses $247,710 General and administrative expenses deducted for the month

Oil and gas production 13,047 bbl oil; 8,518 Mcf gas Trust’s allocated Texas Royalty Properties volumes

Historical Context

5 past events · Latest: Feb 17 (Negative)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 17	Monthly distribution update	Negative	-1.4%	Lower February distribution, continued Waddell excess costs, SoftVest petition hearing date.
Jan 20	Monthly distribution update	Negative	+0.8%	January distribution excluding Waddell, Texas royalties support payout, SoftVest petition filed.
Dec 19	Distribution and meeting results	Negative	-0.8%	December distribution with ongoing Waddell excess cost and SoftVest-driven governance changes.
Nov 17	Distribution and special meeting	Negative	-7.1%	November distribution, Waddell costs above proceeds, special meeting details from SoftVest request.
Oct 21	Monthly distribution update	Negative	-3.4%	October distribution excluding Waddell, reliance on Texas Royalty Properties, SoftVest proposals.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recurring monthly updates highlighting Waddell Ranch excess-cost status and SoftVest governance actions have often coincided with modestly negative price reactions.

Recent Company History

Over the last several months, PBT’s news flow has centered on monthly cash distributions, the continued excess cost position at the Waddell Ranch properties, and SoftVest’s push to modify the Trust Indenture. Prior releases on Oct 21, 2025, Nov 17, 2025, and Dec 19, 2025 all reported distributions that excluded Waddell Ranch proceeds. SoftVest advanced its reform agenda via a special meeting and subsequent court petition, with related filings and mailings continuing into February 2026. Today’s announcement extends these same themes.

Key Terms

net profits interest, mcf, form 10-q, form 10-k, +3 more

7 terms

net profits interest financial

"necessary to calculate the net profits interest ("NPI") proceeds for a given month"

A net profits interest (NPI) is a contractual right to receive a fixed percentage of a project’s or asset’s profits after allowable costs are paid, rather than a share of gross revenue or ownership. For investors, it matters because it gives upside tied to actual profitability while shielding the holder from direct operating expenses and capital calls, similar to getting a portion of the leftover profits from a business after the bills are settled.

mcf technical

"9,793 Mcf of gas. The production for the Trust's allocated portion..."

Mcf stands for thousand cubic feet and is a standard unit used to measure natural gas volume. For investors, Mcf translates physical gas production or consumption into a metric that directly affects revenue and valuation—think of it as counting liters of fuel your car used, where higher Mcf usually means more product to sell or higher costs to buy, and changes can signal shifts in supply, demand, or profitability.

form 10-q regulatory

"information will be included in the Trust's quarterly report on Form 10-Q for the applicable quarter"

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

form 10-k regulatory

"annual reports on Form 10-K for the foreseeable future (to the extent timely received"

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

record date financial

"payable on April 14, 2026, to unit holders of record on March 31, 2026"

The record date is the specific day when a company determines which shareholders are eligible to receive a dividend or participate in an upcoming vote. It’s like a cutoff date; if you own the stock on that day, you get the benefits or voting rights. This date matters because it decides who qualifies for certain company benefits.

bench trial regulatory

"Notice of Bench Trial on Petitioner's Original Petition for Modification of Trust"

A bench trial is a court case decided only by a judge rather than by a jury. For investors it matters because a single judge’s interpretation of law and facts can change the speed, predictability and likely outcome of disputes over contracts, patents or regulatory issues—potentially affecting a company’s costs, future revenue or ability to operate, much like a single referee making a final call instead of a crowd vote.

schedule 13d/a regulatory

"SCHEDULE 13D/A] PERMIAN BASIN ROYALTY TRUST SEC Filing"

A Schedule 13D/A is an amended disclosure filed with regulators by an investor who already reported owning more than 5% of a company’s shares and needs to update their original filing. Think of it as a public status update that tells markets whether the investor’s ownership, plans, or source of funds have changed; such updates matter because they can signal a push for control, major strategic moves, or increased pressure on management, which can affect stock prices.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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DALLAS, March 20, 2026 /PRNewswire/ -- Argent Trust Company, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian" or the "Trust") today declared a cash distribution to the holders of its units of beneficial interest of $0.010662 per unit, payable on April 14, 2026, to unit holders of record on March 31, 2026. The distribution does not include proceeds from the Waddell Ranch properties, as total production costs ("Production Costs") exceeded gross proceeds ("Gross Proceeds") for the month of February, resulting in a continuing excess cost position for the Waddell Ranch properties. More information regarding the Waddell Ranch properties is described below.

This month's distribution decreased compared to the previous month due primarily to Texas Royalty Properties having lower oil and natural gas volumes, along with lower oil pricing, partially offset by higher natural gas pricing.

WADDELL RANCH

Information from Blackbeard, the operator of the Waddell Ranch properties, necessary to calculate the net profits interest ("NPI") proceeds for a given month is received after the announcement date for the month's distribution. As a result, in accordance with the Trust indenture, if NPI proceeds are received from the Waddell Ranch properties on or prior to the record date, they will be included in the following month's distribution.

As noted above, no proceeds were received by the Trustee in February 2026 to be included in the March distribution. All excess costs, including any accrued interest, will need to be recovered by future proceeds from the Waddell Ranch properties before any proceeds are distributed to the Trust. Due to the fact that Blackbeard provides production, pricing and cost information quarterly instead of monthly, the Trustee will be disclosing that information in the quarterly reports on Form 10-Q and annual reports on Form 10-K for the foreseeable future (to the extent timely received from Blackbeard).

TEXAS ROYALTY PROPERTIES

Production for the underlying Texas Royalty Properties was 15,009 barrels of oil and 9,793 Mcf of gas. The production for the Trust's allocated portion of the Texas Royalty Properties was 13,047 barrels of oil and 8,518 Mcf of gas. The average price for oil was $56.56 per bbl and for gas was $6.02, which includes significant NGL pricing, per Mcf. This would mainly reflect production and pricing in December for oil and November for gas. These allocated volumes were impacted by the pricing of both oil and gas. This production and pricing for the underlying properties resulted in revenues for the Texas Royalty Properties of $907,884. Deducted from these revenues were taxes and expenses of $124,031 resulting in a Net Profit of $783,853 for February. With the Trust's NPI of 95% of the underlying properties, this would result in a net contribution by the Texas Royalty Properties of $744,660 to this month's distribution.

	Underlying Properties		Net to Trust Sales
	Volumes		Volumes		Average Price
	Oil (bbls)	Gas (Mcf)	Oil (bbls)	Gas (Mcf) (1)	Oil (per bbl)	Gas (per Mcf) (2)
Current Month
Waddell Ranch	(3)	(3)	(3)	(3)	(3)	(3)
Texas Royalties	15,009	9,793	13,047	8,518	$56.56	$6.02
Prior Month
Waddell Ranch	(3)	(3)	(3)	(3)	(3)	(3)
Texas Royalties	15,292	9,841	13,325	8,573	$56.78	$5.85

(1) These volumes are net to the Trust, after allocation of expenses to Trust's net profit interest, including any prior period adjustments. (2) This pricing includes sales of gas liquid products. (3) Information is not being made available monthly but may be provided within 30 days next following the close of each calendar quarter. To the extent the Trustee receives such information timely following the quarter, information will be included in the Trust's quarterly report on Form 10-Q for the applicable quarter (or the annual report on Form 10-K with respect to the fourth quarter).

General and Administrative Expenses deducted for the month, net of interest earned were $247,710 resulting in a distribution of $496,950 to 46,608,796 units outstanding, or $0.010662 per unit.

The worldwide market conditions continue to affect the pricing for domestic production. It is difficult to predict what effect these conditions will have on future distributions.

UNITHOLDER MAILING FILED BY SOFTVEST
On or about February 10, 2026, SoftVest, L.P. ("SoftVest"), a unit holder of the Trust, mailed documents to holders of units of beneficial interest ("Unitholders") which included a cover letter, a Citation in the District Court of Tarrant County, Texas ("Citation"), the Original Petition for Modification of Trust (the "Petition") in the District Court of Tarrant County, Texas (Cause No. 96-373245-25) seeking judicial modification of the Trust's Indenture, and the Petitioner SoftVest, L.P.'s Notice of Bench Trial on Petitioner's Original Petition for Modification of Trust ("Notice of Bench Trial"), also collectively known as the "Unitholder Mailing". The Unitholder Mailing advises Unitholders of a hearing to be scheduled Friday, May 8, 2026, at 10:30 a.m. before the 96th District Court of Tarrant County, Tom Vandergriff Civil Courts Building, 4th Floor, 100 North Calhoun Street, Fort Worth, Texas 76196, on the merits of SoftVest's Petition pursuant to which it seeks to (1) amend Section 8.03 of the Indenture to eliminate the requirement that certain amendments require approval by 75% of the outstanding units of the Trust, and (2) delete Section 10.01 of the Indenture that sets forth certain prohibited amendments and replace Article X of the Indenture with a provision permitting amendment of any provision of the Indenture by a vote of unitholders in accordance with Article VIII (which, as amended, would permit amendment by a majority in interest of unitholders constituting a quorum at a meeting of unitholders where a quorum is present).

The 2024 Annual Report with Form 10-K, which includes the December 31, 2024, Reserve Summary, has been filed with the Securities Exchange Commission. Permian's cash distribution history, current and prior year financial reports, tax information booklets, and a link to filings made with the Securities and Exchange Commission, all can be found on Permian's website at http://www.pbt-permian.com/. Additionally, printed reports can be requested and are mailed free of charge.

FORWARD-LOOKING STATEMENTS
Any statements in this press release about future events or conditions, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," "may," "intends," and similar expressions, other than historical facts, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Factors or risks that could cause the Trust's actual results to differ materially from the results the Trustee anticipates include, but are not limited to the factors described in Part I, Item 1A, "Risk Factors" of the Trust's Annual Report on Form 10-K for the year ended December 31, 2024, and Part II, Item 1A, "Risk Factors" of subsequently filed Quarterly Reports on Form 10-Q.

Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent the Trustee's views as of the date hereof. The Trustee anticipates that subsequent events and developments may cause its views to change. However, while the Trustee may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Trustee's views as of any date subsequent to the date hereof.

Contact: Nancy Willis, Director of Royalty Trust Services, Argent Trust Company, Trustee, Toll Free – 1.855.588.7839

View original content:https://www.prnewswire.com/news-releases/permian-basin-royalty-trust-announces-march-cash-distribution-excess-cost-position-on-waddell-ranch-properties-and-unitholder-mailing-by-softvest-302719361.html

SOURCE Permian Basin Royalty Trust

FAQ

What is Permian Basin Royalty Trust's (PBT) March 2026 cash distribution and payment date?

The Trust declared a $0.010662 per unit distribution, payable April 14, 2026. According to the company, record date for eligibility is March 31, 2026, and total cash distributed equals $496,950 to 46,608,796 units.

Why were Waddell Ranch proceeds excluded from PBT's March 2026 distribution?

Waddell Ranch proceeds were excluded because production costs exceeded gross proceeds, creating an excess cost position. According to the company, all excess costs must be recovered by future Waddell proceeds before distributions resume.

How much did Texas Royalty Properties contribute to PBT's March 2026 distribution?

Texas Royalty Properties contributed $744,660 to the March distribution. According to the company, this reflects allocated February net profits after taxes and expenses with the Trust holding a 95% net profit interest.

Did PBT's March distribution change versus the prior month and why?

Yes; the March distribution decreased versus the prior month due primarily to lower oil and gas volumes and lower oil pricing. According to the company, higher natural gas prices partly offset the decline.

What court action did SoftVest take regarding PBT's indenture and when is the hearing?

SoftVest filed a petition seeking modification of the indenture and mailed a Unitholder Mailing; a hearing is set May 8, 2026 at 10:30 a.m. According to the company, the petition seeks changes to amendment voting thresholds.